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Xerox Profit Falls 5% in the First Quarter

Xerox Corp cut its full-year earnings forecast as growth stalled in its services business and margins contracted due to higher investment on U.S. health insurance exchange platforms, sending its shares down about 5 percent in premarket trading.The company, which has been diversifying away from its printers and copiers, lowered its full-year adjusted profit forecast to $1.07-$1.13 per share from $1.10-$1.16.Gross margin fell to 30.2 percent in the first quarter from 30.5 percent a year earlier, hurt by a 0.7 percentage point drop in services margin.Services, which includes businesses ranging from toll systems to healthcare programs, accounts for more than half of the company's revenue.Xerox forayed into the services business with its $5.5 billion purchase of Affiliated Computer Services Inc in 2009 to counter dropping sales in its printers and copiers business.The company reported a 5 percent fall in first-quarter profit, hurt by dwindling revenue from its printing business.Net income a...

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